BRENT Crude Oil UKOIL Update
A nasty failed break above the upper paralle lhas forced Brent
back to the lower parallel, the entry point was hoping for, so
am going long at 62.18 with stop under 61.90. And if this call
goes wrong and Brent breaks below the lower little parallel of
this flag forming now will reverse completely for fall to 61.12.
If it's going...
We've now reached the top of the channel.
The larger wave 3 breached the channel so this wave 5 should stay within it.
Expecting a retrace from here to .236 (5790) or .382 (5750) before a final push to 59+.
Crude Oil Forecast And Technical Analysis Nov 22nd
Latest News And Fundamentals:
Oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
It is obvious that Crude Oil Market is being supported by an effort led by the...
Crude pulled back to 0.618 as per previous chart and now possibly starting wave 3 of 5 to around 5820 (1.618 of wave 1).
Wave 4 pull back 0.382 of wave 3 to 5726.
Wave 5 extend 1.618 of wave 4 to 5976 which is also 1.618 of the larger wave 4 (5788/5483).
BRENT CRUDE OIL UKOIL Stuff and Nonsene
Brent is expected to move up to 68.06-69.47 range over the
coming couple of weeks where it becomes a sell again with
stop above 70.00.
Buy dips to the lower parallel if seen at any point during this
rally, looking to sell again when the upper parallel meets
price in the 68-69.47 range in a couple of weeks' time.
WTI...
Last week Oil failed to hold at the key support of 56.83 before bouncing at the 55.03 area finishing the week with a rally back towards the 56.83 level. Next week we will look for a continuation of the overall uptrend with a break of key (now) resistance at 56.83 to clear the way for longs towards the target, and next key area of resistance, at 58.79.
Brent Crude OIL UKOIL Trade Set-Ups for this Week
Position: Flat - Just didn't trust this short after it bounced at 61.70 first target and then started to build a near term low
at 61.33 so closed out the short for just over 100 pips after spreads, as per updates to last comment. Disappointed at the
time to close out a trade that had stopped behaving according...
Brent Crude OIL UKOIL Trade Set-Ups for this Week
Position: Flat - Just didn't trust this short after it bounced at 61.70 first target and then started to build a near term low
at 61.33 so closed out the short for just over 100 pips after spreads, as per updates to last comment. Disappointed at the
time to close out a trade that had stopped behaving according...
